As part of the integration of the Evergreen Funds into the Wells Fargo Advantage mutual fund family, Evergreen Investments announced today that the Board of Trustees of the Evergreen Funds has approved proposals for name changes, new advisory and subadvisory arrangements, and the nomination of Trustees for each of the five Evergreen closed-end funds: Evergreen Income Advantage Fund (NYSE Amex: EAD), Evergreen Multi-Sector Income Fund (NYSE Amex: ERC), Evergreen Utilities and High Income Fund (NYSE Amex: ERH), Evergreen International Balanced Income Fund (NYSE: EBI) and Evergreen Global Dividend Opportunity Fund (NYSE: EOD).
The proposed new advisory and subadvisory arrangements and the election of trustees for each fund are subject to approval by the Funds’ shareholders. Shareholders of the Funds on the record date will receive a proxy statement relating to the proposals. Shareholder meetings are expected to be held on July 9, 2010. The name changes would be effective upon shareholder approval of the new advisory and subadvisory arrangements. None of the Funds’ investment objectives or investment strategies will change as a result of these proposals.
A more comprehensive overview of the announced proposals follows. For more information about the Funds, please visit EvergreenInvestments.com.
Evergreen Income Advantage Fund
Shareholders will be asked to approve a new advisory contract with Wells Fargo Funds Management, LLC, and a new subadvisory contract with Wells Capital Management, Inc., an institutional asset management firm within Wells Fargo’s Asset Management Group, to be effective July 9, 2010. Following approval of the new contracts, Phil Susser and Niklas Nordenfelt of Wells Capital Management are expected to assume portfolio management responsibilities for the Fund, and the Fund will be renamed the
Wells Fargo Advantage Income Opportunities Fund
The Fund’s primary investment objective is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund invests primarily in below-investment-grade (high-yield) debt securities, loans and preferred stock. As of March 31, 2010, the Fund had net assets of $662.5 million.